Chapter 8- Product Concepts Flashcards

1
Q

WHAT IS A PRODUCT?

A

everything, both favourable and unfavaourable, that a person receives in an exchange
-Tangible or intangible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

TYPES OF CONSUMER PRODUCTS: Business products

A

used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

TYPES OF CONSUMER PRODUCTS: Consumer products

A

is bought to satisfy an individuals personal wants

  • convenience products
  • shopping products
  • specialty products
  • unsought products
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Consumer products : Convienence product

A

relatively inexpensive item that merits little shopping effort– the consumer is unwilling to shop extensively for such an item

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Consumer products : shopping product

A

usually more expensive than convenience product and is found in fewer stores. – comparison of several brans or stores, depends on style, price, and lifestyle compatibility. –consumers are willing to invest more time in this purchase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Consumer products : specialty product

A

consumers search extensively for a particular item and are very reluctant to accept substitutes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Consumer products : unsought product

A

a product unknown to the potential buyer or a know product that the buyer does not actively seek

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Product item

A

is a specific version of a product that ca be designated as a distinct offering among an organizations products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Product line

A

a group of closely related product items forms a product line

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Product mix

A
  • includes all of the products that an organization sells.
      ○ Product mix width : refers to the number of product lines an organization offers
             --Product mix depth : is the number of product items in a product line .
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Product modification

A

changes one or more of a products characteristics :

	○ Quality modification - change in the products depenability or durability
	○ Functional modification : change in a products versatiliitly, effectiveness, convenience, or safety
	○ Style modification: aesthetic product change, rather than a quality or functional changed.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Repositioning

A

involves changing consumers’ perceptions of a brand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Product line extension

A

occurs when a company’s management decides to add products to an existing product line in order to compete more broadly in the industry.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Product line contraction

A

company cuts down its product lines.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Brand

A

is a name, term, symbol, design, or combination of these that identifies a seller’s products and differentiates them from competitor’s products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Brand name

A

–> is that part of a brand that can be spoken including letters, words, and numbers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Brand mark-

A

elements of a brand that cannot be spoken

18
Q

Product identification

A

ability to distinguish your brand from others.

19
Q

Brand equity

A

refers to the value of company and brand names

20
Q

Global grand

A

used to refer to brands where at least one third of the product sales are outside the home country or region.

21
Q

Repeat sales

A

branding helps consumers identify products they wish to buy again and avoid the ones they do not

22
Q

Brand loyalty

A

a consistent preference for one brand over all others.

23
Q

Benefits of branding

A
  1. product identification
  2. Repeat sales
  3. New product sales
24
Q

Manufacturer’s brand

A

-name of the manufacturer (Fruit of the loom, Nike)

Individual brands- companies use different brand names for

25
Q

Private brand

A

name owned by wholesaler or a retailer- (presidents choice-Loblaw’s, master craft- Canadian tire)

26
Q

Individual brands

A

companies use different brand names for different products–when their products vary greatly in use of performance

27
Q

Family brand

A

companies use same brand for many different products.

28
Q

Cobranding

A

involves placing two or more brand names on a product or its packaging

  1. Ingredient branding
  2. cooperative brand
  3. complementary branding
29
Q

Ingredient branding

A

identifies the rand of a part that makes up the product (Reese’s piece blizzard)

30
Q

Cooperative branding

A

occurs when two brands receiving equal treatment(in the context of an advertisement) borrow on each other’s brand equity. (air Canada promotion second cup coffee)

31
Q

Complementary branding

A

where products are advertised or marketed together to suggest common usage, such as a spirits brand (Seagram’s) and a compatible mixer (7up)

32
Q

Trademarks

A

Is the exclusive right to use a brand or part of a brand. Others are prohibited from using the brand without permission.

In Canada trademarks are register under the Trade-marks Act

33
Q

Service mark

A

performs that same functions for services, such as H&R Block and Weight watchers.

34
Q

PACKAGING

Packing functions

A
  1. Contain and protect products

    1. Promote products
      ○ Identifies the brand
      ○ Lists the ingredients
      ○ Specify features
      ○ Provides directions.
      ○ Use of designs , colours, shapes, and materials to influence consumers perceptions and buying behaviour.
    2. Facilitate the storage , use and convenience
      ○ Easy to store and move
      ○ Nice to buy and be able to store easily in home.
    3. Facilitating recycling and reducing environmental impact
35
Q

Labelling : 3 types

A

persuasive labeling
informational labeling
universal product codes

36
Q

persuasive labeling

A

focuses on a promotional theme or logo, and consumer information is secondary.

37
Q

informational labeling

A

is designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase.

38
Q

universal product codes

A

bar codes that are read by computerized optical scanners that match codes with brand names, package sizes, and prices, also print information on cash register tapes and help retailers rapidly and accurately prepare records of customer purchase, control inventories, and track sales.

39
Q

when entering global market with existing product, a firm has three options for handling the brand name:

A
  1. One brand name everywhere. ( Coca-Cola)
    2. Adaptions and modifications : adapt to language and culture so name is not offensive
    3. Different brand names in different markets. D
40
Q

WARRANTY

A

protects the buyer and provides essential information about the product- warranty confirms the quality or performance of a good of service
○ Express warranty- is a written guarantee
Implied warrant- unwritten guarantee that the good or service is fit for the purpose for which is was sold.